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Teaching the Kids About money
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Monday, February 26, 2007
12:23:00 PM EST
Hearing Pop! Goes My Heart -- Pop!
Here's a useful article from the Wall Street Journal on how to get kids used to the idea of managing their money. Now, I say useful, but I would warn people going in that it's not necessarily realistic for most people -- the fellow here is talking about allowance sums that are larger then the average-income American probably has to throw around on the kids. The underlying ideas, however, are useful, and can be applied across whatever money you have to work with.
For Athena we keep things simple. When she says "I want (x)," I say "Okay, you can have that when you can pay for it." At which point we discuss what she needs to do to pay for it. So far this has both managed to keep her expectations reasonable, and clues her in that there's not a magical gift fairy out there to give her every single thing she wants. Eight is not too early to know this simple fact.
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12:23:00 PM EST
Hearing Pop! Goes My Heart -- Pop!
Teaching the Kids About money
Here's a useful article from the Wall Street Journal on how to get kids used to the idea of managing their money. Now, I say useful, but I would warn people going in that it's not necessarily realistic for most people -- the fellow here is talking about allowance sums that are larger then the average-income American probably has to throw around on the kids. The underlying ideas, however, are useful, and can be applied across whatever money you have to work with.
For Athena we keep things simple. When she says "I want (x)," I say "Okay, you can have that when you can pay for it." At which point we discuss what she needs to do to pay for it. So far this has both managed to keep her expectations reasonable, and clues her in that there's not a magical gift fairy out there to give her every single thing she wants. Eight is not too early to know this simple fact.
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2/27/07 8:52 AM
But anywho... my daughters each got $25 gift certificates. Keep in mind, Gabrielle is pushing 5, and Melissa is 2. So...off to the mall we go.
Gabrielle understood that the certificate was like money, and that she had to remain within a certain limit. I got a lot of "Mommy, can I buy this?" from her, but she took it well.
We chose to not try to run this concept by Melissa, who we felt better just observing closely in the toy store.
They both went home happy, which is the bottom line.
There's five things you have to know about money, kids...
1) It's hard to get, and people will kill for it
2) You can make people do things for it.
3) It can get you wonderful things.
4) You have to spend it wisely.
5) Try to hide it from the government... preferably in an interest-bearing account, or property. You want to buy with 2007 $$, and sell for 2020 $$.